Note(1) Assuming conversion of all PPLA Investments LP partnership interest in PPLA Participations Ltd. shares or theoretical number of shares based on economic interest in PPLA Investment LP(2) Detailed estimates in Shares Summary below(3) Includes shares from December 2010 Investors, Former Celfin Shareholders and Former Bolsa y Renta Shareholders(4) Subject to lock-up. Subsequent to the expiration of lock-up may be sold into free float

Note: (1) Convertible into PPLA Participations shares(2) Shares in PPLA Participations Ltd. held by BTG Pactual Holding S.A.(3) Shares in PPLA Participations Ltd. held by Free Float(4) Includes shares from December 2010 Investors, Former Celfin Shareholders and Former Bolsa y Renta Shareholders, that will gradually become free float(5) Total stake held by PPLA Participations Ltd. In PPLA Investments

Shareholder Structure

PPLA Participations owns through its wholly-owned subsidiary BTG Holdco a stake corresponding to 28.51% of PPLA Investments capital. PPLA equity is held by PPLA Participations as an investment portfolio at fair value in accordance with IFRS10 and substantially represents PPLA’s equity.

Notes(1) Includes units acquired by investment vehicles owned by certain partners individually or collectively and vehicles under common control of the Partnership.

PPLA Participations Ltd.

Share Characteristics

Class A

%

Class B

%

Class C

%

Class D

%

Total

%

Economic Rights

Yes

Yes

No

No

Voting Rights

Yes

No

Yes

Yes

BTG Pactual GP Management Ltd.

0

0.00%

0

0.00%

1

100.00%

0

0.0%

1

0.0%

BTG Pactual Holding S.A.

10,288,708

36.6%

20,577,416

36.6%

0

0.00%

0

0.0%

30.866,124

36.6%

Controlling Shareholders and Partners - Other Vehicles

1,220,460

4.3%

2,440,920

4.3%

0

0.00%

0

0.0%

3,661,380

4.3%

Controlling Shareholders and Partners - Individual Vehicles

808,200

2.9%

1,616,400

2.9%

0

0.00%

0

0.0%

2,424,600

2.9%

Total Free-Float(1),(2)

15.829.305

56.2%

31.658.609

56.2%

0

0.00%

0

0.0%

47.487.914

56.2%

Total

28.146.673

100.0%

56.293.345

100.0%

1

100.0%

0

0.0%

84.440.019

100.0%

Total Shares with Economic Rights (Class A + Class B)

84.440.018

BTG Pactual Holding S.A.

Direct Investment of BTG Pactual Holding S.A. (Class A + Class B)

30,866,124

BTG Pactual Holding S.A. Share of Total Economic Rights

36.6%

PPLA Investments LP (Limited Partnership Interest)

Total (%)

Partners(3)

72.0%

Free-Float (1),(2),(3)

28.0%

Total

100%

Note: (1) Includes shares from December 2010 Investors, Former Celfin Shareholders and Former Bolsa y Renta Shareholders and shares purchased in the market by BTG Pactual partners(2) Some shares subject to lock-up. Subsequent to the expiration of lock-up may be sold into free float. (3) Convertible into PPLA Participations shares